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Shares in Danish telco TDC surge after takeover offer from Macquarie, funds

Shares in Danish telecom operator TDC A/S surged Feb. 8 after it said it rejected a takeover bid from a consortium comprised of Australia's Macquarie and Danish pension funds ATP, PFA and PKA.

"Having reviewed the terms of the proposal, TDC Group’s Board of Directors concluded that it is not in the best interest of TDC’s shareholders and stakeholders and it has been rejected," the company said in a statement Feb. 7.

"We are confident in the stand-alone prospects of TDC and convinced of the incremental value creation potential of the announced combination with MTG’s Nordic Entertainment & Studio division," it said, although it added: "TDC will always remain open to consider alternatives that deliver superior value to TDC's shareholders going forward."

TDC shares jumped more than 17% to 44.16 kroner by 12:17 p.m. in Copenhagen.

The group reportedly offered 47 Danish kroner per TDC share, which would have valued the Danish operator at around 30.43 billion kroner, according to Reuters, citing Danish business newspaper Borsen. The consortium had been in talks with Nordea Bank and another unnamed bank regarding the offer, according to the report.

TDC recently struck a deal to acquire Modern Times Group's TV business for US$2.5 billion.

As of Feb. 7, US$1 was equivalent to 6.06 Danish kroner.